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Accounting 26th Edition by Carl Warren ,Jim Reeve ,Jonathan Duchac
Edition 26ISBN: 978-1337498159Accounting 26th Edition by Carl Warren ,Jim Reeve ,Jonathan Duchac
Edition 26ISBN: 978-1337498159 Exercise 47
Closing the accounts of a merchandiser
From the following list, identify the accounts that should be closed to Income Summary at the end of the fiscal year under a perpetual inventory system: (a) Accounts Payable, (b) Advertising Expense, (c) Cost of Merchandise Sold, (d) Merchandise Inventory, (e) Sales, (f) Supplies, (g) Supplies Expense, (h) Valery Lavine, Drawing, (i) Wages Payable.
From the following list, identify the accounts that should be closed to Income Summary at the end of the fiscal year under a perpetual inventory system: (a) Accounts Payable, (b) Advertising Expense, (c) Cost of Merchandise Sold, (d) Merchandise Inventory, (e) Sales, (f) Supplies, (g) Supplies Expense, (h) Valery Lavine, Drawing, (i) Wages Payable.
Explanation
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Identify the accounts that should be clo...
Accounting 26th Edition by Carl Warren ,Jim Reeve ,Jonathan Duchac
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